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Jakarta Post

Gojek considers cross listings on world’s major stock exchanges

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, November 5, 2019   /   10:51 am
Gojek considers cross listings on world’s major stock exchanges A Gojek driver carries a passenger. Newly appointed co-CEOs Andre Soelistyo and Kevin Aluwi again confirmed last week the company’s plan to conduct an IPO. (Shutterstock.com/findracadabra )

Multibillion dollar ride-hailing giant Gojek may cross list on the word’s major stock exchanges if the company finally conducts an initial public offering (IPO) within the next few years.

Newly appointed co-CEOs Andre Soelistyo and Kevin Aluwi again confirmed last week the company’s plan to conduct an IPO, although they said the company had yet to decide when to carry out the IPO.

“Please pray for us so that we can realize our IPO plan. As of now, we are still unsure about when we are going to do it, as we are considering many factors. However, we have already started preparing for it [IPO],” said Andre at an event to celebrate the company’s ninth anniversary.

Andre said in addition to the Indonesia Stock Exchange (IDX), Gojek was also considering listing its shares on other major stock exchanges overseas, known as cross listing, to reach a wider investor base.

“However, there are factors that need to be considered such as the country’s economy, laws and politics. If everything is relatively stable and unchanged, we might conduct IPOs overseas too,” said Andre.

During the anniversary event, Andre also announced the company was planning to operate in Malaysia next year. At present, Gojek operates in 207 cities across Indonesia, the Philippines, Singapore, Thailand and Vietnam.

Andre also mentioned that Gojek has approximately US$500 million in funds that can be used to expand its overseas operations

“There are still plenty of funds we can use to begin operating in Malaysia and other countries that we perceive as feasible for Gojek’s line of services,” said Kevin.

Since its establishment in 2010, Gojek has grown to have 2 million driver partners, both cars and motorcycles. Furthermore, as many as 500,000 restaurant owners have become Gojek merchants, consisting mostly of small and medium enterprises (SMEs).

By the end of this year’s third quarter, Gojek’s mobile application had recorded more than 155 million downloads. In addition, transactions have grown 1,100 percent in the last three years. Furthermore, Gojek’s total contribution to the Indonesian economy was estimated to be around Rp 55 trillion ($3.85 billion) by the end of last year, consisting of Rp 22 trillion from GoRide, Rp 12 trillion from GoCar, Rp 19 trillion from GoFood and Rp 1.4 trillion from GoLife.

The company became the first Indonesian startup to gain deacorn status, which it did in April, after its valuation reached $10 billion.

Andre and Kevin were named co-CEOs after former CEO and founder Nadiem Makarim was appointed as the country’s education and culture minister last month. (bry)